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Case Study - Buy to Let

Client's requirements: -

The client wanted to set up a Buy to Let portfolio and take advantage of the surge in rental returns being experienced in the market. Without any cash to enable this, we turned to their current unencumbered residential property to raise funds for the deposits using short term bridging finance from a specialist lender. Buy To Let Mortgages were then arranged to make up the balance of purchase funds.

The challenge was sourcing funding for a first time landlord with little or no-income over the last year.

Complete Mortgages' solution: -

One of our expert advisers negotiated funding for these purchases by sourcing a commercial loan and supplementing it with high street lending. Both originate from our extensive panel of residential and commercial lenders.

With our help and perseverance, the client is now enjoying an attractive return on his newly acquired properties and a long term solution is in place to switch his (now let) residential property over to a Buy to Let after 6 months.

Bridging Finance agreed: -

Loan of £219,700 over 2 properties

9 month term

Lender's arrangement fee of 1.00%

Rate of 0.85% per month

No early repayment charges

Buy to Let Finance agreed: -

£467,000 over 3 properties

25 year term

Lender's arrangement fee of 2.50%

Rate of BOE + 3.09% tracker

These loans completed in August 2012 and Buy to Let properties were rented out by 1st September.

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